Reserve Bank of Australia (RBA) governor Michele Bullock has told a parliamentary inquiry the Australian economy is in a good position, with inflation within the board's target range of between 2-3%. Bullock said the central bank is pleased to see inflation having reached that target range. "On the first part of our mandate, inflation has fallen substantially since the peak of 7.8% in 2022 and is now within the 2-3% target range. The higher interest rates over that period helped to put downward pressure on inflation and to keep inflation expectations anchored," she said. But our job is to make sure it stays within the target range in a way that's sustainable - not just for now, but for the long term.